Infrastructure And Energy Alternatives Raises $175M Via Secondary Equity Offering And Pre-Funded Warrants

Crypto Whales Are Loading Up — Are You?

New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.

Infrastructure and Energy Alternatives Inc (NASDAQ:IEA) priced its underwritten public offering, pre-funded warrants to purchase shares of underwritten public offering at $11.00 per share and $10.9999 per pre-funded warrant.
IEA will issue 8,161,502 shares and pre-funded warrants to purchase 7,747,589 additional shares.
The pre-funded warrants will be issued to ASOF Holdings I, L.P., a fund managed by Ares Management LLC, and other investors who would otherwise have exceeded 32% beneficial ownership of issued and the outstanding common stock immediately following the offering.
Underwriters are granted a 30-day option to purchase additional shares of common stock up to 15% of the aggregate number of shares of common stock plus the shares of common stock underlying any pre-funded warrants.
The gross proceeds are expected to be ~$175 million. The company intends to use all of the net proceeds from the offering to repurchase and redeem a portion of its outstanding Series B Preferred Stock and pay the associated redemption premium.
The offering is expected to close on August 2, 2021.
Price action: IEA shares traded higher by 0.86% at $11.76 on the last check Thursday.

Crypto Whales Are Loading Up — Are You?

ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!